Should i be self Employed
Being self-employed is a dream come true for many people, but it may not be right for everyone. Expert studies of the entrepreneur suggest that all successful business owners have certain personality traits in common. They love a challenge. They have such passion for their work that they will pull 12-16 hour days when they are initially struggling to get their businesses up and running. Also, they are frugal, which is not hard for them because they are too busy to spend money on recreation. If this doesn’t sound like fun living to you, then keep in mind there are reasons some people should avoid self-employment.
The long wait
It takes two to five years for the average business to show a significant profit. During this time, it will not be feasible for you to quit your day job. This means that in order to pay your bills and eat three meals a day, you’ll be working two jobs, dedicating nearly every spare moment to your business. Even so, you’ll be lucky to break even, as most businesses lose money during the first year. Of course, online businesses such as web writing and affiliate marketing have little to no startup cost, making them all the rage to the new entrepreneurs. Nevertheless, there is still the time factor. You’ll neglect your friends and family to the point of being disowned with slim rewards to show for it.
No security
If you do get to the point where you feel it’s safe to quit your day job, think again. Safe is not in the businessman’s vocabulary. A day will come when a client won’t pay on time, but your mortgage company will expect you to, regardless. Sales will slow down and the phone will stop ringing for indefinite periods of time. Business revenue fluctuates, unlike the set hourly wage your employer offers you. You should have no less than a year’s salary saved before you even consider giving your supervisor a two weeks notice.
Benefits
Most jobs offer such benefits as health and dental insurance at a discounted rate to their employees. Some offer life insurance plans and retirement programs. Let’s also not forget about the paid vacations. As a self-employed individual, you’ll be responsible for all of the above. If you have employees, you’ll also need to pay unemployment insurance for each and every one.
If none of the above reasons is enough to discourage you from starting your own business, you might just have what it takes. Just take the time to muse over what you are getting into before making your final decision. A wise businessman thinks every move through, including the first one.
